Mastercard provides merchants with stablecoin settlement support.

Mastercard announced that as global regulations on digital assets tied to traditional fiat currencies become clearer, it will provide merchants with the option to accept stablecoin payments. In a press release, Mastercard stated that it is working with payment processor Nuvei, stablecoin issuers Circle and Paxos, among others, to enable cryptocurrency payments. Earlier this year, US lawmakers introduced the 'Stablecoin Innovation and Regulation Act' aimed at creating a regulatory framework for stablecoins in the US. The bill passed a vote in the Senate committee in March and is expected to become law. Standard Chartered Bank estimated in a recent report that the stablecoin market could soar to $2 trillion within the next three years. Meanwhile, Mastercard also announced that it is partnering with cryptocurrency exchange OKX to launch a new card.